Fiscal Aspect of Ensuring Sustainable Development of the Region’s Economy in Modern Conditions

Abstract

Purpose The purpose of the research is to determine the influence of tax and non-tax budgetary factors on ensuring the sustainable development of the territory’s economy on the example of the regions of modern Russia. Design/Methodology/Approach The work uses a set of methods of economic analysis (economic statistics). At the first stage, the correlation of revenues allocated in the structure of the regional budget with indicators of sustainable development is determined. At the second stage, descriptive statistics of the obtained correlation coefficients are compiled to determine the average impact of tax and budgetary factors on the stability of the development of the region’s economy, as well as the reliability of the obtained averages. The top 5 regions of Russia with a positive ratio of the territorial budget balance to its tax and non-tax revenues (surplus), as well as the top 5 regions with a negative balance (deficit) were selected as objects for the research. Findings On the example of the regions of modern Russia, it is justified that the fiscal aspect of ensuring the sustainable development of the region’s economy in modern conditions. In deficit regions, the key fiscal factors of economic stability are the income tax of organizations (average correlation with indicators of sustainable development: 30.98%), and in surplus regions - property taxes (36.89%). Originality/Value The revealed, large variation of the obtained correlation coefficients between regions with the same balance category (positive or negative) indicates that a universal scientific and methodological approach to managing the fiscal factors of the sustainable development of the region’s economy cannot be formed and this approach should be selected separately for each region due to the pronounced specificity of the influence of these factors.